The Outsourcing Week in Review: Thursday, November 18, 2021

Welcome to Inside Outsourcing: The Outsourcing Week in Review

THE WEEK IN REVIEW

Investments and projects approved by the Philippine Economic Zone Authority (PEZA) dropped 13.66% to P62.7 billion in the first 10 months of the year – compared to last year’s P72.64 billion. According to PEZA Director General Charito Plaza, businesses are on a “wait-and-see mode” and have a “lower risk appetite” this year. In addition, PEZA has lowered its growth target for investment pledges – from seven to five per cent. For the next year, however, Plaza announced that they’re aiming for a six per cent growth.

Humble opinion:  No foreigners are allowed in the Philippines.  How can they expect foreigners to invest if no foreigners are allowed in the country?  It is time to update policies and to get the PH economy moving again.
The Philippines was recently named the fastest-growing internet economy in Southeast Asia. According to the e-Conomy SEA 2021 report conducted by Google, Singapore sovereign fund Temasek, and consulting firm Bain & Co., the country’s overall internet economy – in terms of Gross Merchandise Value (GMV) – is estimated to reach $17 billion this year, up 93% from last year. Impressive!

The country could also benefit from the growth of data centers across Southeast Asia. Fitch Solutions noted that the Philippines – together with neighbors Thailand, Vietnam, and Malaysia – “show strong potential,” with “increasing regulatory support, government-driven initiatives, and rapidly-rising investor interests for data center projects.” This is supported by Asian Institute of Management economist John Paolo Rivera, who said that the country’s potential to take part in this “emerging undertaking” will generate more job opportunities for Filipinos – particularly in data science, machine learning, artificial intelligence, and business incubation. In relation to this, software firm BOOMI said that Philippine firms have shown “very, very high” interest in cloud integration. Boomi General Manager for Asia Hon Chew Seetoh said cloud integration can help businesses like outsourcing firms connect all parts of their supply chain, and added that cloud integration can further improve BPO firms’ operational efficiency.

Further, the thriving telemedicine sector is forecasted to continue its operations post-pandemic. In a media briefing, KonsultaMD CEO Cholo Tagaysay said that despite the lockdowns, teleconsultations have continued to grow as people “see several advantages in using the digital service.”

While on the topic of medicines, on-site employees will now be required to get vaccinated starting December 1 as announced by Malacañang Palace. Former Presidential Spokesperson Harry Roque stated that while unvaccinated employees will not be terminated from their jobs, they will be required to regularly take RT-PCR or antigen tests at their own expense. In addition to this, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) encourages establishments to refuse service to unvaccinated or partially inoculated individuals in order to increase vaccine demand.

The increasingly proactive push for vaccination doesn’t stop there. The Department of Labor and Employment (DOLE) recently submitted a policy that will grant employers the authority to hire applicants based on their vaccination status. In an interview, DOLE Assistant Secretary Dominique Tutay said they used the term “may” in the resolution, which means that it will not be mandatory.

Forty per cent of the Philippines’ target population (around 32 million people) are now fully vaccinated as of last Sunday. Former Presidential spokesperson Harry Roque also announced that COVID-19 positivity rates have decreased by 3.9%. Could this mean we’re now entering the ‘post-pandemic’ era?

Are you all seeing the light?

Thursday, November 18, 2021

NEWS THIS WEEK

17 November 2021

• Huawei PH celebrates ICT program’s 7th anniversary – read article…
• DOLE urges MSMEs to apply for 13th-month pay loan – read article…
• Data centers could open new job opportunities in the PH – read article…

16 November 2021

• GlobalSource raises its 2021 PH GDP forecast to 5.5% – read article…
• Telemedicine to continue post-pandemic – read article…
• Proposed policy prioritizes fully-vaxxed job applicants in PH – read article…
• 40% of PH’s target population now fully vaccinated – read article…

15 November 2021

• Qualfon hosts on-site vax in Negros Oriental – read article…
• PEZA lowers its 2021 investment target to 5% – read article…
• PH firms show ‘very high’ interest in cloud integration – read article…
• PH pursues cross-border payment scheme with ASEAN – read article…​

12 November 2021

• 73% of Cebu zone locators confident of recovery in 2022 – read article…
• Pantheon upgrades 2021 PH GDP forecast to 5.5% – read article…
• PH GDP to grow by 5.5% in Q4 – read article…
• PEZA investment pledges dropped by 13.66% in October – read article…
• Vaccine mandate to be implemented to on-site workers starting Dec. 1 – read article…​

11 November 2021

• PH FDI net inflows grew by 20% in August – read article…
• PH named as the fastest-growing internet economy in SEA – read article…
• Fitch adjusts its PH 2021 GDP forecast to 4.5% – read article…
• PH unemployment rate increased by 8.9% in September – read article… 

Read more Inside Outsourcing Newsletters here:

1. The Outsourcing Week in Review: November 16, 2021
2. The Outsourcing Week in Review: November 23, 2021